Team Startupcity

•  Raised Rs 87 crore in Series B round led by Vertex Ventures
•  Plans to expand across India and enter global markets
•  Reported five-fold revenue growth in FY25, valued over Rs 500 crore

High-end holiday rental platform ELIVAAS has raised Rs 87 crore ($10 million approximately) in a Series B round of funding from Vertex Ventures Southeast Asia & India, with participation from previous investors Peak XV Partners' Surge and 3one4 Capital.Previously, in April 2024, ELIVAAS had also raised $5 million in Series A funding led by 3one4 Capital, joined by Peak XV Partners' Surge and angel investors.

The new funding will fund ELIVAAS's strategy to grow its base in India, set up for international market entry, and invest in technology to maximize its operations quickly.Sources indicate that the company's valuation could have crossed Rs 500 crore.

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ELIVAAS, which was established in 2023 by Ritwik Khare and Karan Miglani, deals in the management of luxury villas and apartments for short-term stays. Its platform serves homeowners through the monetization and upkeep of their properties, and travelers through access to high-end vacation rentals.

Presently operating across 30 locations in India, ELIVAAS achieved a five-fold year-on-year revenue growth in FY25.Even though the company has not yet released its FY25 financials, startup data intelligence platform TheKredible reports that ELIVAAS registered Rs 7 crore of revenues and a loss of Rs 10.4 crore for the year ending March 2024.

Vertex Ventures Southeast Asia & India is a venture capital fund that invests in early-stage startups in Southeast Asia and India. Its portfolio features prominent names such as Grab, FirstCry, Nium, Licious, Kuku FM, and PatSnap, assisting their expansion in various sectors.